Vestas silent on report of debt restructuring talks
Vestas, whose business has been hit by the economic slump which has knocked energy investment around the globe, saw its share price drop by two-thirds last year and lose another 45 percent this year, which has sparked speculation that it could be a takeover candidate.
July 2, 2012
COPENHAGEN - Danish wind turbine manufacturer Vestas on Sunday dismissed as "speculation" a report in the Sunday Times that said the company was considering putting itself up for sale and had entered debt restructuring talks with its lenders.
The Sunday Times, which cited no sources for its information, said that Vestas' banks had given it an "ultimatum," and demanded that the company prepare a comprehensive financial restructuring plan.
The newspaper said that the demand from banks, including Royal Bank of Scotland and HSBC, was triggered by Vestas bolstering its cash position by drawing down a 300 million euro ($380.7 million) bank facility.
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